Turkey's half-century-old iron and steel giant on the brink of bankruptcy: Files for concordat

Sıddık Kardeşler Haddecilik, one of Turkey's largest industrial enterprises, has declared a concordat due to a financial bottleneck.

According to a report by Halk TV, the company, which ranked 304th on the Istanbul Chamber of Industry's "Turkey's 500 Largest Industrial Enterprises" list in 2023 with a turnover of 7.2 billion lira, has filed for a concordat.

It was learned that the company's total debt is approximately 3.6 billion lira.

It was reported that the company partners also acted as personal guarantors for the business's debts and therefore filed for a concordat individually as well.

Upon the application, the court ruled for a three-month temporary grace period for the company and its partners.

In this context, a three-person concordat commissioner committee has been appointed to the company. In line with the decision, the process of restructuring the company's financial structure will be closely monitored.

News Source: 12punto